When going it alone, many landlords may find it difficult to find the best tenants. Advertising in the newspaper can be costly and sometimes ineffective, but on the other hand, posting over social media occasionally attracts the “wrong” kind of candidate.
In this case, it’s understandable why many landlords may choose a ‘tenant find only’ service from letting agents to help them find the perfect tenants for their rental property. They are able to have assistance with sourcing tenants but don’t pay the full cost of a complete property management service.
However, is a tenant find only service always the best option?
What Does A Tenant-Find Service Offer?
A tenant find service can be useful if you don’t feel confident doing this task alone or if you’d prefer the assistance of a professional. Tenant-find service is often the most basic service provided by letting agencies or property management companies.
A tenant find only service normally has the following crucial components:
- The property’s marketing
- References for tenants
- Renewals of tenancy agreements
- Managing security and retaining deposits
Although this service may suit some people who just want a little assistance with finding tenants and are knowledgeable on laws and regulations whilst also being completely ready to take on the other duties that come with being a landlord, there are also some drawbacks to tenant find only services.
Drawbacks of Tenant Find Only Services
Some of the drawbacks that landlords who use tenant find only services may experience include:
Needing to be ‘on-call’ at all hours of the day
It is sod’s law that any emergency requirements, leaks or otherwise, will happen at the most inconvenient times. Often the peace of mind of a fully managed service, where access to trusted contractors who are able to act immediately and effectively can easily off-set the cost of management for the month.
This is never more the case then when you have to postpone your own plans to coordinate repairs/attend to offer access. Additionally, the expectations of a tenant and the responsibilities of a landlord often require an intermediary party to explain the difference between the two which can be tricky if interests and viewpoints are opposed.
Using an agent is a first-line defense to avoid problematic tenancies. This is because it’s more common that problematic tenants will seek out landlords that choose not to use an agent to avoid the rigorous referencing checks that agents such as Belvoir carry out due to these checks highlighting any historic issues.
A tendency to lose out on rental income
Typically, tenant find only landlords tend to leave rental agreements as they are, without reviewing them, which over the last few years will have meant that they have lost out on thousands of pounds in potential rental income and yield and can render the property less appealing at the point in which you wish to offload.
Rules and regulations
Landlords must stay current on more than a hundred laws and regulations that are always changing and being added to in order to properly rent out a home. Knowing when new laws are introduced and comprehending how they may impact the properties you rent out and the tenants who reside in them are essential components of complete legal accountability. You may prevent this worry, as well as any prosecution or fines brought on by poor management, by entrusting your homes to a reputable rental business.
Did you know? At Belvoir, we adhere to stringent practices as we are members of various trade bodies, like the Propertymark Scheme (Propertymark), Financial Conduct Authority (FCA), Safe Agent and The Property Ombudsman, which means as a landlord with a complete letting service, you can be safe in the knowledge that correct legal action will be taken as we are always up to date with latest legislation.
No breaks from responsibilities
A let-only service has the additional drawback of not being able to leave the responsibility of property maintenance to someone else should you become ill or have to take a lengthy break. Having someone manage a property for you might make a big difference because managing a property alone can be more effort than you might expect.
Is a full property management service worth it?
Yes – a full letting agent service can often be worth the money. Considering the fact that all the legalities, tenant sourcing, marketing and day-to-day runnings of your property are all taken care of. In addition to this, the p
So with the increasingly complex nature of letting a property legally continues, a full letting service can provide excellent value for money and be well worth it depending on your needs and situation.
If you’re interested in a full property management service, get in touch with a member of the Belvoir team today or pop into your local branch.
